Middle East crude benchmarks Oman, Dubai and Murban extended gains on Tuesday, supported by expectations of tight supply and stronger demand after refineries finish overhauls in June.

In tenders, Sri Lanka’s Ceylon Petroleum Corp is seeking 700,000 barrels of Murban crude for late July delivery. The tender is due to close on April 17.

OSP

Qatar set the May official selling price (OSP) for its Marine crude at $1 per barrel over the average of Oman/Dubai quotes and Land crude at $1.4 per barrel over the quotes.

ASIAN REFINERIES

Two Chinese polyester fibre makers are seeking Beijing’s approval to build a $10 billion refinery and petrochemical complex in Indonesia, sources with direct knowledge of the matter told Reuters.

East China-based Tongkun Group 6601233 and Xinfengming Group 6603225 are planning a refinery-petrochemical complex in North Kalimantan province on Borneo Island to produce feedstocks for chemical fiber, three sources said.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 23 cents to $2.03 a barrel.

NEWS

Russia has increased its diesel exports to Brazil and other parts of Latin America following an embargo on shipments to Europe, traders said and Refinitiv Eikon data showed.

India’s fuel consumption jumped to a record high in March, data showed on Monday, fuelled by robust economic activity in the world’s third-biggest oil consumer.

India remains the main destination for Russia’s seaborne Urals oil, with about 70% of such exports heading to the country, Reuters monitoring and data from two industry sources showed on Monday.
Source: Reuters